"Fast data is the ability to process big data in real time, which allows us to gain instant awareness of what is going on in this particular moment in time and take appropriate action".

TIBCO will hope to apply fast data to a variety of contexts, from monitoring whether doctors or nurses are washing their hands when moving between rooms, to better equipping airlines to respond to weather patterns.

"With all these big chunky changes going on in our industry, we believe all this converges around fast data," Quinn said.

"What fast data is all about is being able to find the needle in the haystack again and again and again."